Natural Gas Prices: Weekly Market Overview

Friday, May 30^th saw the front-month NYMEX Natural Gas contract open at $3.477, $0.045 below Thursday’s closing price of $3.522. Ascending to an intraday high of $3.549 at 9:25AM, the contract then continued its retreat as production remains steady and near-term weather forecasts look bearish. Marking the intraday low of $3.440 at 11:05AM, prices traded within a tight band near $3.460 throughout the afternoon. July closed lower on Friday at $3.447.

The EIA Natural Gas Storage Report published last Thursday posted a 101 BCF injection to storage for the week ended May 23 – in line with the market estimate of a 97 BCF injection. Total working gas in storage was reported as 2,476 BCF; 11.3% below this time last year and 3.9% above the five-year average.

As of 6:40AM this morning in Globex, WTI Crude was up $2.400; Natural Gas was up $0.189; Heating Oil was up $0.064; and Gasoline was up $0.061.

For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842

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